Royal Institution Of Chartered Surveyors Research Articles

Reinforced autoclaved aerated concrete : The history and development of the product, its characteristics, uses and shortcomings

The media frenzy following the sudden closure of several schools in the summer of 2023 drew attention to the use of reinforced autoclaved aerated concrete (RAAC) in many public buildings in the UK, in turn spawning political debate as to why remedial action had not been taken sooner, whether chronic underinvestment was to blame, or whether successive governments had systematically cut corners by using cheap and short-life materials. Throughout this period the Royal Institution of Chartered Surveyors (RICS) and other professional institutions attempted to maintain a reasoned approach based upon factual analysis and developing knowledge as to the long-term performance of RAAC and the practical implications of its use. Despite poor experiences in the UK, RAAC has been, and still is, used extensively throughout Europe, the Americas and the Far East seemingly without the litany of failures identified in this country. This paper attempts to explain the history and development of the product, its characteristics, uses and shortcomings. Comment will be given on survey methodology, risk assessment and remedial works along with potential legal implications for surveyors and other practitioners.

Financial viability decision rules in residual valuation method of property development appraisal: case study of London, England

Purpose An appraisal is normally conducted to determine financial viability of property development projects for several purposes. The residual valuation method is normally used to appraise such projects and the purpose of the paper is to examine its financial viability decision rules (FVDRs) used by practitioners. Design/methodology/approach The qualitative research approach was adopted based on the case study strategy of enquiry where 48 development appraisal reports from 37 Royal Institution of Chartered Surveyors registered firms in London were accessed from the internet and critically reviewed. Findings Site-specific and area-wide development appraisals for planning purposes dominated the reports. Five FVDRs were identified. A development project is financially viable if: (i) computed residual profit expressed as a percentage return is equal to or greater than a determined market benchmark risk-adjusted return; (ii) computed residual profit expressed as a percentage return is positive; (iii) calculated residual land value is greater than open market land value or benchmark land value; (iv) computed residual land value is positive; and (v) there is a surplus when appraisal cost variables including land costs plus allowance for developer’s profit are deducted from gross development value. In some reports, it was discovered some appraisal cost variables were excluded whilst others were inappropriately treated. Practical implications The first and third FVDRs are reasonable whilst the remaining are fraught with problems and using them can make development projects that are financially unviable to be viable. Also, excluding relevant cost variables and treating some inappropriately understate the appraisal cost component resulting in incorrect financial viability outcomes. These can lead to wrong recommendations about financial viability being proffered that negatively affect the practitioners’ clientele. The dominance of development appraisals for planning purposes shows the important role development appraisals continue to play in the English planning system. Originality/value To the best of the author’s knowledge, it is the first time FVDRs in development appraisals have been systematically investigated in England with resultant new empirical findings and arguments.

Practice Briefing: The implications of a move towards explicit discounted cash flow (DCF) models for property investment valuations

PurposeThe primary purpose of this Practice Briefing is to examine the implications of the recommendations of the Royal Institution of Chartered Surveyors (RICS) Review of Investment Valuations to shift towards (explicit) discounted cash flow (DCF) valuations on valuers, clients, risk management and market data.Design/methodology/approachThis Practice Briefing will develop a conceptual framework to articulate the impact of the shift towards explicit modelling assumptions in valuations. A comparative analysis is conducted to contrast traditional valuation approaches with an explicit DCF approach.FindingsThe proposed shift to DCF valuations in the real estate industry carries both subtle and profound implications. While on the surface, the move appears to bring minimal change since current valuations are already DCF-based, a deeper exploration reveals a potential transformation to the understanding, analysis and measurement of pricing and risks in commercial real estate.Practical implicationsThe traditional techniques adopted in valuations have become pervasive in the industry, hindering more sophisticated modelling and analysis of individual assets and portfolios. Explicitly modelling assumptions in both the initial years of cash flow and perpetuity calculations would unveil fundamental relationships and rationales that have previously been buried within, and perhaps ignored by, an All Risks Yield (ARY).Originality/valueThis briefing identifies the cause of confusion when interpreting ARY differentials on implied target returns and risk and demonstrates how a change to explicit assumptions, such as growth and letting periods, would enhance transparency, enabling more informed client–valuer discussions, which in-turn will boost confidence in valuation accuracy, lead to more sophisticated asset modelling, market data, forecasting and market analysis.

Library profile: The Royal Institution of Chartered Surveyors

AbstractFiona Fogden has spent much of her career in law firm libraries, but she has recently taken on the role of Knowledge & Information Service Manager at RICS – the Royal Institution of Chartered Surveyors. So, who better to give LIM an overview of the RICS Knowledge & Information service, describe what the collections contain, and also tell us how the service would be of interest to legal information professionals.

UK commercial real estate valuation practice: does it now build in sustainability considerations?

PurposeThis paper investigates the extent to which commercial property valuers in the UK refer to Royal Institution of Chartered Surveyors (RICS) professional standards and guidance on the inclusion of sustainability in valuation reports. Data collection, analysis and reporting related to sustainability attributes is examined, as well as the perceived importance of these attributes to clients and any value impacts that are associated with them.Design/methodology/approachAn online survey of UK commercial property valuers was conducted from July to September 2019. The survey included both structured and open-ended questions.FindingsReference to RICS standards and guidance on sustainability has improved since earlier research. However, progress on data collection is still limited. At the time of the survey, UK valuers indicated that sustainability attributes were of more importance to owner-occupiers than investors and lenders. UK valuers also indicated that, out of a range of sustainability attributes, only certification was influencing market value (MV) and investment value (IV) to any great extent.Research limitations/implicationsThe online survey had 53 responses and this limited the ability to draw definitive conclusions. Hence, whilst the results may be indicative of the perceptions of some valuers of the significance of sustainability-related matters in the UK, the sample is not large enough to be considered representative of the opinions of property valuers per se in the UK.Practical implicationsExplicit reflection of sustainability in market or investment values is still limited in the UK valuation practice, but there are challenges faced by valuers that need further investigation, including difficulties in pricing sustainability attributes.Originality/valueThis is the first empirical investigation of the perception of sustainability by valuers in the UK commercial property market since the 2012 survey reported by Michl et al. (2016).

A Tool for Evaluating Public Procurement in the Context of Life Cycle Costs

The paper deals with the issue of selection procedures. The goal is to show how it is possible to incorporate a view of life cycle costs into the tender process, and not only deal with the aspect of investment costs. The paper is proposed by the Life Cycle Cost Inspector (LCCI). LCCI divides investment opportunities into individual components with their own operating characteristics and costs, allowing for a clear comparison of different investment alternatives. The tool considers acquisition costs, operating costs, and disposal costs over a specific period. LCCI also allows for reverse evaluation, where investment costs are modified based on efficiency. The tool's universality enables its use across various sectors, not just the construction industry. The author aims to shift public practice from tendering "on price" to "tendering on quality" by providing a simple methodology for comparing investment options based on the entire life cycle costs. The application is based on the Building Cost Information Service (BCIS) standard issued by the Royal Institution of Chartered Surveyors (RICS).

Evaluating Strategies to Increase the Number of Women Working in the UK Surveying Profession

The surveying profession in the UK construction industry continues to be blighted by a skills shortage, and this continues to constrict growth. Therefore, it is suggested that this should make it easier for women and other underrepresented groups to be employed in the construction industry. While this is the case, barriers to entry have been well researched. This study aimed to identify what methods have been previously successful at increasing female engagement within the surveying profession in the UK. This study followed a mixed-method, complementary approach, combining quantitative and qualitative questions in an online questionnaire, which was distributed via social media (LinkedIn) and the researchers’ contacts, and achieved 44 responses over a period of six weeks. The target population was female UK residents employed in surveying roles. Quantitative data on both awareness and opinion of the methods used during previous initiatives to engage women with surveying underwent reliability analysis, descriptive statistical analysis, and a Spearman’s rank order correlation to assess the relationship between time in industry and opinion on the efficacy of the methods used in each initiative; however, no statistically significant relationship was found. To better understand the opinions of women already in the industry, the qualitative data underwent thematic analysis via inductive coding, the results of which then underwent descriptive statistical analysis. The study found a broad lack of awareness of previous initiatives, with most respondents having little or no awareness of the five initiatives examined. However, evidence suggested there was general support for the methods used in those initiatives, such as intervention at school age, increasing the visibility of women in surveying roles, and changes to workplace culture. There was no statistically significant link between time in industry and opinion on the efficacy of each initiative. Key themes included concerns regarding the implementation of current initiatives, and enthusiasm for intervention at school age as the best method to engage more women with the surveying profession. The findings have implications for both practice and future research. First, professional institutions, such as the Royal Institution of Chartered Surveyors, should be aware of the limitations of the initiatives they put in place to encourage women into their profession. Second, the results have an impact on other professions. However, a cross-comparative study that examines initiatives by other professional institutions would be useful.

Valuers' Perception on Mitigating Material Uncertainty in Property Valuation

Property valuation is the process of estimating the market price of an asset, especially one carried out by a professional valuer. The estimated price significantly affected by uncertainties in the market where the impact of these uncertainties will be reflected in the output figure, i.e., the valuation. Thus, careful consideration is essential for valuation assignment in the relevant market. The existence of recent or contemporary evidence, and the degree of trustworthiness of that evidence when determining the level of uncertainty at a specific valuation date is a requirement to minimize the level of material uncertainty in property valuation process. In this context, the main purpose of this study is to figure out valuers’ perception on best mitigation measures for material uncertainty in property valuation procedure. The population of the study are the professional valuers who engaged in property valuation in Sri Lanka; members of Institute of Valuers of Sri Lanka (IVSL) and Royal Institution of Chartered Surveyors (RICS). The sampling techniques of the study is cluster sampling and total of 270 members answered the questionnaire distributed via email. The analysis results confirmed that COVID-19 pandemic situation, valuation assumptions and clients’ influence are major contributory factors on valuation uncertainty. However, the factor extraction and rotation confirmed that only uncertainty created by the COVID-19 pandemic situation and valuation assumptions are two significant elements on material uncertainty of valuation. The findings suggest that client influence may not be seen as a threat to the emergence of material uncertainty. Furthermore, the study identifies measures such as developing a digital land registration database, defining valuation procedures as per the guidelines of respective valuation institution, use of realistic valuation assumptions, and analysing long-term market behaviour are appropriate measures for mitigating material uncertainty in property valuation.

СУЧАСНІ АСПЕКТИ ОЦІНЮВАННЯ ЗБИТКІВ СУБ’ЄКТІВ ГОСПОДАРЮВАННЯ В УКРАЇНІ

As a result of the study of the issues of assessing losses of business entities, it is established that the theoretical developments and methodological recommendations for their assessment developed in peacetime in Ukraine do not take into account the specifics of the consequences of military operations and need to be adapted to the present. The author reveals the ambiguity of the wording of the concept of "losses" in the economic and legal aspects in theory and regulatory and legislative documents. Attention is focused on the peculiarities of the methodological approach to substantiating the amount of damage from the consequences of hostilities and the need to take into account the chronology of events of losses and compensation. The author analyzes the approaches to the formation of damage components and the correlation between the amount of damage and compensation. The author systematizes the types of losses depending on the multifaceted characteristics and supplements them with due regard for the peculiarities of the current stage. The author clarifies the methodological recommendations for substantiating the parameters of the model for determining the amount of losses and lost profits, and for ensuring that the influence of the time factor is taken into account based on the current characteristics of the financial market. The information base of the study is the regulatory and legal documents and documents of the state authorities of Ukraine on the regulation of relations between the parties that have suffered losses and caused them through the commission of illegal actions. Official statistical data of the National Bank of Ukraine, provisions of the European Valuation Standards of The European Group of Valuers' Associations (TEGOVA), Global Valuation Standards of the Royal Institution of Chartered Surveyors (RICS), Uniform Standards of Professional Appraisal Practice (USPAP) and International Valuation Standards Council (IVSC), which allowed to summarize the current trends in valuation. The classification of losses has been supplemented with consideration of specific characteristics and peculiarities of quantitative assessment to reflect the nature of manifestation, time of occurrence, mechanism of influence, recovery opportunities and degree of certainty. Based on the provisions of investment theory and valuation theory, the requirements for substantiating the parameters of the valuation model have been clarified in terms of extending the planned settlement horizon until the moment of reimbursement, ensuring the objectivity of the interest rate to reflect the dynamics of the cost of capital, and providing the possibility of choosing the basis for calculating losses depending on the purpose of the assessment. The developed scientific, methodological and practical recommendations will help to increase the validity of the amount of losses, taking into account the specifics of the causes of occurrence, the chronology of losses and their compensation, and the impact of the time factor on the amount of compensation.

Guiding surveyors and protecting the public : The new RICS guidance note ‘Planned Preventative Maintenance of Commercial and Residential Property’

Managing the operational risk to commercial property lies not only with those investing in the assets but also with those advising on the planned preventative maintenance (PPM). With a need to consider the life cycle of building components, defect evolution and compliance of assets with legal requirements, surveyors are under increased pressure to deliver professional advice with often limited access to both site and documents. While most surveyors have devised their own methods in the undertaking and delivery of PPM, there has historically been no bespoke guidance on this from the Royal Institution of Chartered Surveyors (RICS). The lack of formal guidance was exposed by the tragic events of Storm Doris in 2017, where wind damage to a commercial property resulted in the fatality of a member of the public. The subsequent investigation identified failings in the PPM process at the property. In response to the report of the coroner, the RICS embarked upon preparing a global guidance note with the intention of delivering high-quality surveying services as well as guiding surveyors and protecting the public.

Equipping Property Graduates for the Digital Age

Bridging the gaps between property graduates’ attributes and industry expectations has been touted to be the key driver of sustainable development for the next generation of the workforce. This study investigated property-related knowledge and skills from the perspective of property employers and graduates in Australia in the digital age by (1) identifying the most and least important knowledge and skillsets in the property sector; (2) examining the strategies used to develop the required knowledge and skillsets; and (3) ascertaining if there are differences in the knowledge and skillsets perceived to be necessary between employers and graduates. A questionnaire survey was undertaken across property employers affiliated with the Royal Institution of Chartered Surveyors (RICS) and graduates of an Australian university. The results showed that problem solving and time management are the most important knowledge and skills for property employers and graduates, respectively. Notably, there were statistically significant differences in the perceived importance of course directors maintaining close communication with employers, real-life case study-based school assessment, the use of various course delivery methods, inviting guest speakers, and internship training while studying between employers and graduates. This finding implies that Australian property professionals are yet to fully embrace technology in the digital age.

Legal nature of the ivsc international standards

The article is focused on legal nature of International Valuation Standards Committee (renamed to International Valuation Standards Council in 2008) and implementation of its valuation standards by states and international organizations. The paper concentrates on legal gaps regarding the application aspects of property value calculations in international law. Treaties do not provide substantial determinacy, include no instruction or the appropriate methodology on numerous calculation issues and typically set forth only basic standard of valuation such as standard of fair market value of property for the calculation of compensation. It shows that lack of standards for determining awards of compensation creates a source of uncertainty for protection in international public law. The issue discusses a framework where international valuation standards of international non-governmental organizations are given legal weight and serve as guidelines for the calculation of awards. After establishing the legal basis for an award, tribunals use their impression of valuation best practices as well as discretion to conduct the analysis. The result depends on the assumptions and philosophy of the adjudicating tribunal. It is emphasized that international arbitration practice in measures of compensation should be based on principles of fairness and reasonableness.
 Part of the issue is based on Directive of European Union with provisions that valuation standards of states should take into account internationally recognised valuation standards, in particular those developed by the International Valuation Standards Committee, the European Group of Valuers’ Associations or the Royal Institution of Chartered Surveyors. Member states of European Union admitted valuation standards of international non-governmental organizations as reliable standards for the credit purposes after the financial crisis, which has shown that irresponsible behaviour by market participants can undermine the foundations of the financial system leading to potentially severe social and economic consequences.

Features of determining the market value of retail real estate and individual trade related properties during pre-trial evaluation and forensic examination

The present article deals with the specifics of valuation of retail property and individual trade related properties on the basis of the international experience and as recommended by International Valuation Standards and RICS (The Royal Institution of Chartered Surveyors (Great Britain)) valuation standards (Red Book). The present article is justified as currently Russia lacks a standard, uniform for the valuers or legal experts, to be used for the purposes of valuation of similar subjects. At the same time, methodical literature is insufficient while there are numerous property disputes that call for pre-court valuations and expert evidence of valuation of such subjects, including numerous litigations arising out of bankruptcy or establishing cadaster value to the amount of market value. The author reviews the existing approaches to valuation of real estate in accordance with both the international and national standards and awards professional recommendations pertaining to the use of the income approach to value retail real properties and individual trade related properties. The definitions and metrics of the above real properties’ groups are described separately. Also, the author provides guidelines for inquiry of the documents and information necessary for the acquisition of the data to be used in the course of valuation and expert evidence. All pricing factors are described in detail in the present article against the examples of retail real properties and individual trade related properties (say, hotel) and explanation of their effect on the market value in case the income approach is applied is provided.

RICS Home Survey Standards and a Victorian house case study

The case study featured in this paper provides a clear example of the difficulties faced by clients who are poorly advised by the surveying profession with substandard home survey reports. It also raises questions about the fundamentals of carrying out home survey inspections particularly in relation to property types which commonly suffer from inherent design defects or where structural alterations have been carried out. To improve the quality of survey reports going forward and address a wide range of consumer concerns, new Royal Institution of Chartered Surveyors (RICS) Home Survey Standards have recently been adopted by the profession. It is therefore an opportune time to reflect upon the extent to which the new standards are likely to improve the quality of the client experience in practice.

УПРАВЛЕНЧЕСКИЕ МЕТОДЫ МИНИМИЗАЦИИ РИСКОВ ИНВЕСТИЦИОННО-СТРОИТЕЛЬНЫХ ПРОЕКТОВ В УСЛОВИЯХ НЕОПРЕДЕЛЕННОСТИ

The article is devoted to the assessment of risks created by uncertainty in project activities in the field of construction. The aim of the work is to offer management methods to minimize the negative impact of risks based on identifying uncertainty factors of an investment and construction project. The object of the research is a construction organization - a contractor, as an example of a design organization in the field of construction. The methodological basis of the study was made up of key provisions of management theory, systems theory, content analysis of regulatory legal acts and standards for assessing, as well as general scientific methods of analysis, synthesis, comparison and classification. As a result of the study, approaches to assessing the cost of a project in conditions of uncertainty based on Russian Federal Valuation Standards, British Royal Institution of Chartered Surveyors, and The European Group of Valuers Associations were considered; Clarified the concept of 'uncertainty conditions', which is understood as a set of risks, the probability and / or strength of the impact of which cannot be determined in advance on the basis of existing economic and mathematical models; The factors of uncertainty of the investment and construction project are systematized and the corresponding methods for minimizing risks are proposed. Added to the existing uncertainties is a new 'government authorities' imposition of temporary restrictions on the activities of companies and the movement of labor.' The practical results of the study are proposals for the use of a set of financial, organizational and legal measures that can reduce the negative impact of uncertainty on the implementation of projects in the construction sector, as well as formulations for concluding construction contracts that limit losses in the event of risky events.

Serving up graduates

Serving up graduates

A Study on the Mainstream of Real Estate Education with Core Term Analysis

This study was conducted to provide basic information about the curricula of real estate education with respect to globalization. The literature, such as the histories and characteristics of real estate education in the United Kingdom and the United States that have historically lead real estate education, are reviewed. We also extract the core terms used in the curricula of departments accredited by the Royal Institution of Chartered Surveyors and The Association to Advance Collegiate Schools of Business—International that are leading the globalization of education, and Meikai University, the only university with a real estate department in Japan. In extracting core terms from each country, we proceed with basic terms that constitute the subject titles, not the entire subject title itself. After extracting core terms from each country, we discuss the overall characteristics of real estate education in each country and clarify the main stream of the globalization of real estate education. In addition, by comparing core terms and calculating proximities among Japan, the United Kingdom and United States, Japan’s specificities of real estate education are identified.

Competencies expected of graduate quantity surveyors working in developing countries

PurposeQuantity surveying education in Sri Lanka (SL) presently does not appear to be catering to the industry needs indicating that it may not be up to the expected standard. Hence, the purpose of this study is to identify the gap between the competencies of graduate quantity surveyors (QSs) and the competencies that industry in SL expects from them.Design/methodology/approachA hybrid approach was used, consisting of desk reviews, expert interviews and a questionnaire survey. A comparative analysis identifying differences between two competency levels was carried out.FindingsAnalysis reveals that competencies of graduate QSs in areas of cost planning, strategic planning, risk management, value management, life cycle cost analysis, sustainability, surveying and levelling, research and development, building surveying and business management are at levels higher than industry needs. However, majority of competencies are at levels lower than industry expectations.Research limitations/implicationsThis research was focused only on competencies of QSs who have successfully completed a quantity surveying degree programme accredited by Institute of QSs SL, Royal Institution of Chartered Surveyors, Australian Institute of QSs and Pacific Association of QSs. It excluded non-graduates’ competencies as they gain competencies only through work experience.Practical implicationsThis study revealed the need for designing quantity surveying degree programmes to cater to industry needs to ensure that graduates from these programmes are acceptable to the industry.Originality/valueThis study made an original contribution to knowledge by identifying the gap that currently exists between industry needs and programme outcomes of quantity surveying degree programmes, which could be invaluable when improving quantity surveying education in SL.

The need for economic performance measures for life cycle costing of sustainable commercial office buildings

PurposeThe purpose of this paper is to investigate the current level of awareness, usage and advocated benefits of economic performance measures of life cycle costing (LCC) in sustainable commercial office buildings.Design/methodology/approachQuestionnaire survey to 120 construction professionals was used to gauge the current level of awareness, usage and advocated benefits of economic performance measures in LCC.FindingsThe key findings of the statistical analysis indicated that there is a low awareness and usage of economic performance measures, and revealing the entire value of capital outflow alternatives was the most advocated benefit of its application.Research limitations/implicationsAlthough the data used in this paper were from professionally qualified members of either the Royal Institution of Chartered Surveyors (RICS), the Chartered Institute of Building (CIOB) and the British Institute for Facilities Management (BIFM), the research is limited in some ways in that it does not cover all the professionals in the construction industry. Nevertheless, all the professionals who responded to the questionnaire have up-to-date level of awareness of economic performance measures in LCC.Practical implicationsThe use of economic performance measures helps to make available the information required for building performance. Therefore, economic performance methods in LCC are useful devices for users to appraise and distribute recognisable values from initial costs, operating and maintenance costs to clients in the life cycle of an asset.Social implicationsValue for money for construction products and its facilities should not be viewed only in terms of costs to design and construction. Rather, it is vital for corporate occupants and society in general to consider other key variables such as operations, maintenance, renovation, replacement and end-of-life costs.Originality/valueThis study fills the gap in the existing knowledge by addressing concerns over performance measurement to improve the confidence in LCC for sustainable commercial office buildings.

Sources and reliability of property market information for property valuation practice in Ghana

PurposeAdequate reliable property market data are critical to the production of professional and ethical valuations as well as better real estate transaction decision-making. However, the availability of reliable property market information represents a major barrier to improving valuation practices in Ghana and it is regarded as a key challenge. The purpose of this paper is to investigate the sources and reliability of property market information for valuation practice in Ghana. The aim is to provide input into initiatives to address the availability of reliable property market data challenges.Design/methodology/approachA mixed methods research approach is used. The study, thus, relies on a combination of a systematic identification and review of literature, a stakeholder workshop and a questionnaire survey of real estate valuers in Accra, Ghana’s capital city to obtain requisite data to address the aim.FindingsThe study identifies seven property market data sources used by valuers to obtain market data for valuation practice. These are: valuers own database; public institutions; professional colleagues; property owners; estate developers; estate agents; and the media. However, access to property market information for valuations is a challenge although valuers would like to use reliable market data for their valuations. This is due to incomplete and scattered nature of data often borne out of administrative lapses; non-disclosure of details of property transactions due to confidentiality arrangements and the quest to evade taxes; data integrity concerns; and lack of requisite training and experience especially for estate agents to collect and manage market data. Although professional colleagues is the most used market data source, valuers own databases, was regarded as the most reliable source compared to the media, which was considered as the least reliable source.Research limitations/implicationsFindings from the study imply a need for the development of a systematic approach to property market data collection and management. This will require practitioners to demonstrate care, consciousness and a set of data collection skills suggesting a need for valuers and estate agents to undergo regular relevant training to develop and enhance their knowledge, skills and capabilities. The establishment of a property market databank to help in the provision of reliable market data along with a suitable market data collection template to ensure effective and efficient data collection are considered essential steps.Originality/valueThe study makes a significant contribution to the extant knowledge by providing empirical evidence on the frequency of use and the reliability of the various sources of market data. It also provides useful insights for regulators such as the Ghana Institution of Surveyors (GhIS), the Royal Institution of Chartered Surveyors (RICS) and other stakeholders such as the Commonwealth Association of Surveying and Land Economy (CASLE) and the Government to improve the provision of reliable property market information towards developing valuation practice not only in Ghana, but across the Sub-Saharan Africa Region. Also, based on these findings, the study proposes a new property market data collection template and guidelines towards improving the collection of effective property market data. Upon refinement, these could aid valuation practitioners to collect reliable property market data to improve valuation practice.